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Bank. Any moneys spent by DC for maintenance or
for interest on the indebtedness will be at DC’s
expense not to be reimbursed to DC if the Virginia
Beach property is reconveyed to Havens.
3. Havens will transfer to DC a 30% interest in MSAK.
If a dispute arises, the operating agreement dated
August 1, 1993 will prevail. If the parties ter-
minate this agreement or at the option of DC if
the management agreement is not renewed, the 30%
interest in MSAK will revert to Havens without
regard to increase in value. Provided, however,
DC will be entitled to keep its 30%.
4. Barber will convey his interest in the Mitchum’s
Creek property to DC by land sales contract for
$50,000.00 plus the payment of debts to Rumsey,
Breeden, Hubbard, Bugg & Terry and to Braun,
Dehnert, Clarke & Co. DC will pay all expenses in
recovering the house and anything that has to be
paid to Laura Barber. The deed of Barber’s inter-
est will be delivered to DC at the earliest time
he is able to convey such interest.
5. Havens will cause MSA to enter into a management
agreement with DC on the terms and conditions set
forth in that management agreement dated August 1,
1993 which is made a part hereof by this refer-
ence.
6. Upon execution and delivery of all of the docu-
ments enumerated herein to DC, DC will issue to
Havens sufficient stock so that after the issuance
51% of DC will be owned by Barber and 49% will be
owned by Havens. Notwithstanding this stock own-
ership percentages, all profit and loss distribu-
tions and capital distributions will be split 50-
50. Also notwithstanding anything contained
herein to the contrary, with regard to matters
involving MSA, Havens will have the right to di-
rect same, such not to be overridden by Barber.
7. Should this agreement be terminated by the mutual
agreement of the parties, or should DC elect to
terminate this agreement because of the management
contract not being renewed, generally except as
otherwise regarded herein, the parties agree to
take all actions necessary to place themself in a
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Last modified: May 25, 2011